Washington – President Joe Biden on Thursday unveiled harsh new sanctions on Russia meant to punish the country for its full-scale invasion of Ukraine, calling out Russian President Vladimir Putin for his aggression even as he acknowledged it would take time for the new measures to alter Putin’s behavior.

“Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences,” Biden said, laying out a set of measures that will “impose severe cost on the Russian economy, both immediately and over time.”

The new sanctions include export blocks on technology, a centerpiece of Biden’s approach that he said would severely limit Russia’s ability to advance its military and aerospace sector. He also applied sanctions on Russian banks and “corrupt billionaires” and their families who are close to the Kremlin.

The targets were not limited to Russia. The US also went after individuals in Belarus, including the country’s defense minister, for that country’s role in facilitating the Russian attack.

And he announced a new deployment of ground and air forces to NATO’s eastern flank, even as he reiterated US troops would not engage in direct conflict in Ukraine.

“Our forces are not and will not be engaged in the conflict,” he said. “Our forces are not going to Europe to fight in Ukraine but defend our NATO allies and reassure those allies in the east.”

Biden addressed the nation from the White House East Room, his first appearance in public since the Russian attack commenced late Wednesday. In his remarks, Biden cast Russia’s invasion of its neighbor as a generational moment that has the potential to upend global order.

“Putin’s actions betray a sinister vision for the future of our world, one where nations take what they want by force,” he said.

He declared the Russian president’s actions would “end up costing Russia dearly, economically and strategically.”

The new sanctions, the latest US reprisals against Moscow this week, had been reserved as Biden hoped to maintain some leverage in dissuading Putin from a full-scale invasion. But so far, Western threats of economic punishment, as well as Biden’s strategy of revealing what the US knew about Putin’s buildup of forces to try to make the Russian leader second-guess himself, have proven ineffective.

After months of predictions and warnings, Russian forces began their attack on Ukraine Thursday morning local time, with reports of troops crossing the border to the north and south, explosions in multiple cities including the capital Kyiv, and warnings from Putin of future bloodshed unless Ukrainian forces lay down their arms.

Biden’s sanctions are now meant to punish Putin’s actions, rather than prevent them, by going after Russia’s economy, its military capabilities and those closest to the Russian president. How much they can alter Putin’s decision-making going forward, however, remains an open question.

“No one expected the sanctions to prevent anything from happening. It’s going to take time. We have to show resolve. He knows what is coming,” Biden said.

Mindful of rising gas prices in the United States, Biden said he was working to limit the fallout the new sanctions would have on energy prices. He said the US was ready to release barrels from the Strategic Petroleum Reserve alongside its allies.

“I know this is hard and that Americans are already hurting,” he said. “I’ll do everything in my power to limit the pain the American people are feeling at the gas pump.”

Before he spoke, Biden conferred with the leaders from the Group of 7 industrialized nations about which sanctions they planned to impose, hoping to coordinate a response that projects unity among Western allies. US and European officials spoke by phone overnight into Thursday to coordinate their responses.

In a joint statement following the virtual meeting, the leaders of the G7 said Putin has “re-introduced war to the European continent.”

“He has put himself on the wrong side of history,” the leaders wrote.